EIP 1559 War In Ethereum Ecosystem (Miners, Holders, and Developer)

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(Edited)

The growth in blockchain technology has brought in so many solutions to tackle the scalability problem experiencing on the first decentralized network (Bitcoin) and the pioneer network of the smart contract (Ethereum).
Recently, the stakeholders in the Ethereum ecosystem welcomed EIP 1559 proposal as a solution to the extreme congestion seen in the Ethereum blockchain which resulted in a high gas fee, but this has received a heavy push back from a majority of miners..

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What Is EIP 1559?

EIP 1559 is an Ethereum Improvement Proposal submitted by
Eric Conner with a recommendation of the base fee and tip in 2019 and it's what Ethereum is set to implement by July 2021. Will this fix the Ethereum fee before the release of layer 2? Read Details About EIP 1559
The overview note on EIP 1559 shows a better fee estimate and it does not really focus on gas fee reduction. What do I mean?
With the boom in DeFi market, Ethereum users/holders experience was bad when considering a stuck transaction (having to wait an arbitrarily long time) and on the other way, if you successfully get your transaction within few seconds it means a payment of more gas than necessary, with EIP 1559 coming, a base fee is set in and guided by the protocol and user can confidently transact with the hope of it will go smoothly in almost all cases.

How Does It Work?

Those new to how miners on blockchain get paid, have the understanding that confirmation of every transaction on blockchain is carried out by miners and block reward received is from a gas fee paid by users of the network, so the higher the gas fee paid by users the more block reward by the miners. The solution provided is working against the miners as the transaction fee will be on base fee collected by the protocol and burn it to release little tip as block reward to the miner (This will drop the income of miners to about 30%). Ethereum mining has become a lucrative business lately, so, its certain miner s will attack this EIP 1559 from succeeding. During small research about the total mining revenue for the month of February 2021 it surpassed a record $1.3 billion and 50% is coming from gas fees alone, according to Coin Metrics.

The question is; Will EIP 1559 not cause a 51% attack via miners and decrease the value of Ether if EIP 1559 is implemented since miners are the main controller of the network?
How safe will the Ethereum network be afterwards?

It is certain Ethereum is not going back on EIP 1559. All core developers for Ethereum agree to implement this by July 2021 and all hand is on deck to include the codebase regardless of the mining industry’s discontent with the proposal.

HardFork coming July 2021



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4 comments
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No matter what happens between developers and miners, we need to move forward.

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Thanks for sharing i've following up this topic lately and a see it as an improvement on the ethereum blockchain.

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